Quarterly Account for General Government, Family Income, Savings and Corporate Profits

The General Government (AP) account and estimates for households and businesses featured in this press release are part of the Corporate Segment Quarterly Accounts. Data on protected areas is commented on in raw form, while data on households and businesses is commented on in seasonally adjusted form.

In the first quarter of 2022, the PA’s net debt in relation to GDP was -9.0% (-12.8% in the same quarter of 2021).

The PA’s primary balance (net of interest expense) was negative, with an incidence rate of -5.2% on GDP (-9.4% in Q1 2021).

The PA’s current balance was also negative, with an incidence rate of -5.3% on GDP (-8.2% in Q1 2021).

The tax burden was 38.4%, an increase of +0.5 percentage points over the same period of the previous year.

Disposable income of consumer households increased by 2.6% compared to the previous quarter. However, due to the general increase in prices (+2.2% change in the implicit deflator of final household consumption), the purchasing power of households grew by only +0.3% compared to the previous quarter.

The propensity of consumer households to save was 12.6%, an increase of 1.1 percentage points compared to the previous quarter, compared to an increase in final consumer spending of 1.4% in nominal terms.

The share of profits of non-financial companies, equivalent to 41.0%, decreased by 0.6 percentage points compared to the previous quarter.

The investment rate, equivalent to 24.1%, increased by 0.9 percentage points compared to the previous quarter.

comment

In the first quarter of the year, the indebtedness of public administrations to GDP decreased significantly in direction due to the large increase in revenues, which offset the increase in spending.
The disposable income of households and the propensity to save grew significantly in economic terms, while the purchasing power of households showed a slight increase.
The share of profits of non-financial companies decreased from the previous quarter, while their investment rate grew.